NEW YORK, Dec 15 — The US dollar rose again yesterday after rebounding from a dip that nearly wiped out its gains from the day before as markets jostled with the different paths major central banks are choosing between fighting inflation or the economic drag of the pandemic.
The dollar’s safe-haven appeal also improved as stock indexes fell in the United States and in Europe, and as oil dropped on a prediction that the spreading Omicron variant of the coronavirus will dent global demand.The contrast between the monetary policies of the US Federal Reserve and the European Central Bank is driving the euro-dollar exchange rate, said Ron Simpson, global currency analyst at Action Economics in Safety Harbor, Florida.
The latest sign of higher US inflation came earlier on Tuesday with data showing that producer prices increased more than expected as supply constraints persisted. The data showed the biggest annual gain in at least 11 years. The British pound gained 0.1 per cent to US$1.3224 after data showed employers hired a record number of staff in November.Commodity-associated currencies, including the Australian and Canadian dollar, lost to the greenback as
Source: Financial Digest (financialdigest.net)
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